The Income Statement
- What is it? Why is it important ? Who needs it and why?
- What is a Fiscal Period and why is it important to stakeholders?
- GAAP – Time Period Concept, Matching Principle- which IFRS relates to this?
- Additions to your Debit/Credit chart (page 132)
Additional Practice and Review: Read 135-139 Questions 5-13 Complete Exercises 1,3 Pages 141-142